Lloyds Bank Platinum 0% Purchase and Balance Transfer credit card review

3 min Read Published: 26 Oct 2020

Lloyds Bank Balance Transfer credit card review The Lloyds Bank Platinum 0% Purchase and Balance Transfer credit card is part of a range of Lloyds Bank balance transfer cards, with different interest-free periods and balance transfer fees. This card offers a relatively long introductory period on both balance transfers and purchases, although there is a balance transfer fee

Key facts about Lloyds Bank Platinum 0% Purchase and Balance Transfer credit card

  • Best for: A good interest-free period on both balance transfers and purchases
  • Introductory offers: Interest-free for 17 months on balance transfers and purchases
  • Representative APR: 19.9% variable
  • Fees: 2.99% balance transfer fee for 3 months, reverting to 5%
  • Perks: While there are no specific perks for this card, as it is part of the Mastercard network, it does allow access to the 'Priceless Cities' rewards scheme, which provides offers and discounts

Pros of Lloyds Bank Platinum 0% Purchase and Balance Transfer credit card

  • While the interest-free introductory offers aren't the best on the market, they offer a decent length of time to reorganise your finances
  • There is no limit to the number of transfers you can make, as long as you stay within your credit limit and each transfer is a minimum of £100
  • The structure of the Lloyds Bank application process is personalised so that, rather than applying for a specific card, you complete the One Check form and will then be told which cards are right for you and which you are eligible for

 

Cons of Lloyds Bank Platinum 0% Purchase and Balance Transfer credit card

  • The balance transfer fee of 2.99% is a consideration for those with larger balances, who may prefer a card with a slightly shorter interest-free period but no transfer fee
  • While you can transfer balances from most credit cards and some store cards, you are not permitted to make transfers from loan companies, bank accounts or other Lloyds banking group credit cards

 

How to manage your payments on Lloyds Bank Platinum 0% Purchase and Balance Transfer credit card

You can register online to manage you account on your computer or phone, including checking your balance, monitoring transactions and arranging transfers

How to apply for the Lloyds Bank Platinum 0% Purchase and Balance Transfer credit card

Use Lloyds Bank's One Check eligibility checker, which will tell you which cards you are eligible for from the Lloyds Bank range, as well as what your credit limit would be

Alternatives to the Lloyd's Bank Platinum 0% Purchase and Balance Transfer

For other options, read our article "Best credit card in the UK"

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